• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 5 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 5 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 6 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 7 days United States LNG Exports Reach Third Place
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 11 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
Iran's Calculated Approach to Regional Tensions

Iran's Calculated Approach to Regional Tensions

Iran, cautious of the ramifications…

Sweden Ends Probe into Nord Stream Sabotage Without Verdict

Sweden Ends Probe into Nord Stream Sabotage Without Verdict

Sweden has terminated its investigation…



The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

G7 Announces $600 Billion Infrastructure Plan To Rival China’s Belt And Road

  • President Joe Biden and G7 leaders are ramping up efforts to counter China’s Belt and Road initiative.
  • The leaders have pledged $600 billion to a new global infrastructure project for emerging market economies.
  • "I want to be clear. This isn't aid or charity. It's an investment that will deliver returns for everyone," Biden said.

President Biden and G7 leaders pledged $600bln to a new global infrastructure project for emerging market economies to counter the Chinese regime's Belt and Road initiative

G-7 leaders from the US, Canada, Germany, Italy, Japan, and the European Union gathered at a summit in Bavaria, Germany, on Sunday and unveiled the Partnership for Global Infrastructure and Investment (PGII) that will "will deliver game-changing projects to close the infrastructure gap in developing countries, strengthen the global economy and supply chains, and advance U.S. national security," a White House press release read. 

During the summit, Biden said the U.S. would deploy $200bln in grants, federal funds, and private investment over five years for lower- and middle-income nations to boost infrastructure. 

"I want to be clear. This isn't aid or charity. It's an investment that will deliver returns for everyone," Biden said. He added that it would allow countries to "see the concrete benefits of partnering with democracies."

Related: 4 Nations That Could Help Solve The Global Fuel Crisis

Europe pledged $316bln over the next five years for PGII, while Japan committed $65bln. 

"It'll boost all of our economies, and it's a chance for us to share our positive vision for the future and let communities around the world see for themselves the concrete benefits of partnering with democracies," the president said. 

China's Belt and Road Initiative scheme was launched in 2013 and is the centerpiece of Chinese President Xi Jinping's foreign. Also known as the "21st Century Maritime Silk Road," China's infrastructure initiative has projects in more than 100 countries in an attempt to resurrect ancient trade routes from Asia to Europe. 

Since its launch, Western officials have accused Beijing of pursuing "debt-trap diplomacy" by providing countries with financing to build infrastructure that benefits China more than the countries themselves. 


By Zerohedge.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment
  • Mamdouh Salameh on June 27 2022 said:
    They have made such announcements before but they never materialized. The G7's new announcement about a new infrastructure plan to rival China’s Belt and Road Initiative (BRI) is no exception. It is doomed to fail before it starts for the following reasons.

    The first is that the G7 doesn’t have the staying power of China. The second is that its plan doesn’t have the interests of the poorer countries of the world at heart but is merely aimed at countering China’s BRI. The third reason is that the nations receiving infrastructure soft loans from China trust China’s motives. This will never be the case with the G7 plan whose countries refrained from coming to the assistance of the poor countries of the world until China came up with its highly successful BRI.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News